All you need to know about IIT JAM for Economics
In India, there are several different entrance tests for master’s degrees, and IIT JAM is one of the most well-known among graduates.Candidates can enrol in M.Sc., Joint M.Sc.-Ph.D., M.Sc.-M.Tech., M.Sc.-Ph.D. Dual degree, and other courses after passing this examination. Through IIT JAM, the best colleges in India offer admission to these programmes. Since the 2021 session, Economics has been included in the IIT JAM Exam for students to get admissions in Masters of Economics programs at IITs.
IIT JAM exam pattern
|Duration of Exam||3 Hours|
|Number of Questions||60 Questions|
|Total Marks||100 Marks|
|Total Sections||3 Sections – A, B, & C|
|Type of Questions||Section A – 30 Multiple Choice QuestionsSection B – 10 Multiple Select QuestionsSection C – 20 Numerical type Questions|
|Scheme for Marking||There will be negative marking for section ANo negative marking for sections B & C|
Syllabus for IIT JAM Economics
IIT JAM Microeconomics Syllabus
|Consumer theory||Preference, utility and representation theorem, budget constraint, choice, demand (ordinary and compensated), Slutsky equations, choice under risk and uncertainty, revealed preference axioms|
|Production, costs with perfectly competitive markets||Technology, isoquants, production with one and more variable inputs, returns to scale, short run and long run costs, cost curves in the short run and long run, perfect competition in markets|
|General equilibrium and welfare||Equilibrium and efficiency under pure exchange and production, welfare economics, theorems of welfare economics|
|Market structure||Monopoly, pricing with market power, price discrimination (first, second and third), monopolistic competition and oligopoly|
|Game theory||Strategic form games, Nash equilibrium, mixed extension and mixed strategy Nash equilibrium, iterated elimination of dominated strategies, examples: Cournot, Bertrand duopolies, Prisoner’s dilemma, cooperative game theory: Shapley value, Nash bargaining|
|Public goods and market failure||Externalities, public goods and markets with asymmetric information (adverse selection and moral hazard), VCG mechanism and transfer rules|
IIT JAM Macroeconomics Syllabus
|National Income Accounting||Structure, key concepts, measurements, and circular flow of income – for a closed and open economy, money, fiscal and foreign sector variables – concepts and measurements|
|Behavioral and Technological Functions||Consumption functions – absolute income hypothesis, life-cycle, and permanent income hypothesis, investment functions- Keynesian, money demand and supply functions, production function|
|Business Cycles and Economic Models||Business cycles-facts and features, the Classical model of the business cycle. the Keynesian model of the business cycle, simple Keynesian cross model of income and employment determination and the multiplier (in a closed economy), IS-LM Model, Hicks’ IS-LM synthesis, role of monetary and fiscal policy|
|Business Cycles and Economic Models (Open Economy)||Open economy, Mundell-Fleming model, Keynesian flexible price (aggregate demand and aggregate supply) model, role of monetary and fiscal policy|
|Inflation and Unemployment||Inflation – theories, measurement, causes, and effects, Unemployment -types, measurement, causes, and effects|
|Growth Models||Harrod-Domar, Solow and Neo-classical growth models|
IIT JAM Statistics for Economics Syllabus
|Probability theory, Sample spaces and events, Axioms of probability and their properties, conditional probability and Bayes’ rule, independent events|
|Random variables and probability distributions, probability distributions, expected values and functions of random variables, properties of commonly used discrete and continuous distributions|
|Random sampling, Density and distribution functions for jointly distributed random variables, computing expected values of jointly distributed random variables, covariance and correlation coefficients|
|Point and interval estimation, estimation of population parameters using methods of moments and maximum likelihood procedures, properties of estimators, confidence intervals|
|Hypothesis testing, distributions of test statistics, testing hypotheses related to population parame- 32 ters, Type I and Type II errors, the power of a test, tests for comparing parameters from two samples|
IIT JAM Indian Economy Syllabus
|Indian economy before 1950||Transfer of tribute, deindustrialization of India|
|Planning and Indian development||Planning models, relation between agricultural and industrial growth, challenges faced by Indian planning|
|Indian economy after 1991||Balance of payments crisis in 1991, major aspects of economic reforms in India after 1991, reforms in trade and foreign investment|
|Banking, finance and macroeconomic policies||Aspects of banking in India, CRR and SLR, financial sector reforms in India, fiscal deficit, savings and investment rates in India|
|Inequalities in social development||India’s achievements in health, education and other social sectors, disparities between Indian States in human development|
|Poverty||Methodology of poverty estimation, Issues in poverty estimation in India|
|India’s labour market||Unemployment, labour force participation rates|
IIT JAM Mathematics for Economics Syllabus
|Preliminaries and Functions of one real variable||a. Set theory and number theory, Graphs, elementary types of functions: quadratic, polynomial, power, exponential, logarithmic, sequences and series: convergence, algebraic properties and applications b. Continuous functions: characterisations, properties with respect to various operations and applications c. Differentiable functions: characterisations, properties with respect to various operations and applications d. Second and higher order derivatives: properties and applications|
|Single-variable optimization||Geometric properties of functions: convex functions, their characterisations and applications, local and global optima: geometric and calculus-based characterisations, and applications.|
|Linear algebra||Vector spaces – algebraic and geometric properties, scalar products, norms, orthogonality, linear transformations: properties, matrix representations and elementary operations, systems of linear equations: properties of their solution sets, determinants: characterisation, properties and applications|
|Functions of several real variables||Geometric representations – graphs and level curves, differentiable functions: characterisations, properties with respect to various operations and applications, second order derivatives: properties and applications, the implicit function theorem, and application to comparative statics problems, homogeneous and homothetic functions: characterisations and applications|
|Multivariate optimization||Convex sets, geometric properties of functions: convex functions, their characterisations, properties and applications, further geometric properties of functions: quasi-convex functions, their characterisations, properties and applications, unconstrained optimisation: geometric characteristics, characterisations using calculus and applications, constrained optimi- 33 sation with equality constraints: geometric characterisations, Lagrange characterisation using calculus and applications, properties of value function: envelope theorem and applications|
|Linear programming||Graphical solution, matrix formulation, duality, economic interpretation|
|Integration, differential equations, and difference equations||Definite integrals, indefinite integrals and economic applications, first order difference equations, equilibrium and its stability, first order differential equations, phase diagrams and stability|
IIT JAM Counselling process
Once you have cracked the exam the next step is counselling where candidates will have to fill in their preferences of institutes while filling the JAM admission form.
- IIT Guwahati releases the admission list for the selected candidates in online mode, along with the opening and closing ranks.
- Selected students will have three options to choose from, which are as follows-
- Accept and Freeze – Candidates can accept the alloted seat and freeze it by paying the seat booking fee through debit card, credit card or net banking.
- Accept with Upgrade – This option is to be selected by the candidates who want to accept the allotted seat, but wishes to look for better options in the coming rounds. Such candidates will be given higher preference in the next JAM admission list.
- Reject and Quit – This option is for the candidates who do not want to take the seats offered. They have to pay Rs 1000 and confirm the same through OTP on their mobile phone.
Documents Required for IIT JAM Counselling 2023
Candidates will require the below mentioned documents at the time of counselling. Candidates must ensure that they have the original as well as a few photocopies of the documents.
- JAM score card
- Class 10 and 12 marksheet
- Birth certificate
- ID Proof (Passport/Voters ID/PAN/Aadhar)
- Caste certificate (If applicable)
- PwD certificate
- Nationality certificate (General category)
- College transfer certificate
- Bachelor degree
- Marksheet until last semester attempted (If in final year)
JAM Counselling 2023 – Seat booking fees
Candidates who accepts the allotted seat and wants to proceed further need to confirm their seat by paying the seat booking fees. Thereafter the seat will be confirmed by the institute.This can be done using internet banking, credit card, debit card, or other online payment modes.
Career after a MA in Economics
Now when you have already cleared the exam, let’s look at some career options which you go for after a MA in economics.
- Education: If you continue your education after an MA in Economics, you can go for M.Phil or a PhD and apply for positions like Lecturer/ Asst. Professor in various colleges/ Universities.
- Government Jobs: You can apply for various competitive exams after your economics MA. Exams like RBI DPER and UGC NET require a strong background in economics. You can also take up economics optional when attempting UPSC as your previous knowledge of economics will allow you to get high scores in your optional.
- Actuary and Data Analysis: You can also be a perfect fit for building a career in actuarial science and data analysis since it requires predicting risks, liability management, mathematics, probability and a combination of skills which a MA in economics can get you ready for.
- Entrepreneurship: An MA in Economics can help you become successful as an entrepreneur because it enables you to possess in-depth knowledge of various economic matters, concepts and principles, making it easier for you to analyse trends in the market.
- Credit Analyst: Credit Analysts, as the name implies, are professionals who assess a person’s or a company’s creditworthiness. They undertake microeconomic evaluations of potential clients to evaluate and identify the risks associated with lending them credit.
- Market Research Analyst: By utilising the data at hand, a Market Research Analyst seeks to increase a company’s earnings. They do this by closely monitoring and studying market trends to determine which products/services will be the most successful in a specific industry. They use their economics knowledge, as well as their analytical and statistical talents, to solve business challenges using data.
So if you have made up your mind and are ready to prepare for IIT JAM then make sure you register with Echolics, the one-stop destination for all your learning needs. Study economics the smart way and get an in-depth understanding of this dynamic subject with our holistic approach. Our team of expert faculties help you polish your knowledge and provide you with one-on-one mentorship and doubt-clearing sessions, so you leave no stone unturned when it comes to your preparation. By signing up with us, you can access our live classes, video lectures, test series and get the hard copy of study material delivered to your doorstep, so your preparation never hits a bump!